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United Rentals Inc announces pricing of $850 million of 5.75 pct. senior notes due 2024 and $525 million of 6.125 pct. senior notes due 2023


Wednesday, 12 Mar 2014 06:54pm EDT 

United Rentals Inc:Says that subsidiary, United Rentals (North America), Inc. (URNA), has priced its offerings of $850 million principal amount of 5.75 pct. senior notes due 2024 and $525 million principal amount of 6.125 pct. senior notes due 2023 in registered public offerings.2023 notes will be part of same series as the $400 million principal amount of 6.125 pct. senior notes issued by URNA in Oct. 2012 and are to be issued at a price of 105.25 pct. to yield 5.39 pct.Net proceeds from sale of the 2024 notes will be about $837 million.URNA intends to use portion of net proceeds from offering of the 2024 notes to finance in part cash portion of purchase price for acquisition of National Pump and to pay related costs and expenses.Remaining net proceeds will be applied to repayment of about $138 million of borrowings under asset-based revolving credit facility.URNA expects the 2024 notes offering to close on March 26.Net proceeds from sale of the 2023 notes will be about $546 million.URNA intends to use net proceeds from offering of the 2023 notes and cash on hand to redeem $500 million principal amount of 9ΒΌ pct. senior notes due 2019, to pay a call premium thereon and to pay related expenses.URNA expects 2023 notes offering to close on March 26.Morgan Stanley, BofA Merrill Lynch, Wells Fargo Securities, Citigroup, Barclays, Credit Suisse and Deutsche Bank Securities are joint book-running managers for offerings, with Morgan Stanley lead book-running manager.